Cathie Wood Buys Another $11.2M In Robinhood On Tuesday — These Are Other Key Trades

Cathie Wood-led Ark Invest on Tuesday further raised its exposure in Robinhood Market Inc (NASDAQ: HOOD) as the stock of the company that operates a marketplace for stocks, options, and cryptocurrency slipped lower.

The popular money manager bought 331,820 shares — estimated to be worth $11.24 million — in Robinhood.

Shares of the financial services company, which is down 2.73% year-to-date, closed 3.12% lower at $33.87 a share on Tuesday. The stock is down about 17% in the past month.

See Also: Why Robinhood Markets Shares Are Falling

Atlantic Equities on Tuesday downgraded the stock from Overweight to Neutral and lowered its price target to $35 a share from $65.

Robinhood Markets has a 52-week high of $85.00 and a 52-week low of $32.87.

Ark Invest bought shares in Robinhood via the Ark Next Generation Internet ETF (NYSE: ARKW)  on Tuesday. The money manager also has exposure in the stock via the Ark Innovation ETF (NYSE: ARKK) and the Ark Fintech Innovation ETF (NYSE: ARKF). 

The three ETFs held a total of about 15.54 million shares — worth $543.3 million — in Robinhood ahead of Tuesday’s trades. 

See Also: Cathie Wood Sells Another $59M In Tesla And Buys The Dip In Robinhood And This Social Media Stock

Here are some of the other key trades for Ark on Tuesday:

• Bought 23,956 shares —estimated to be worth $6.33 million — in Zoom Video Communications Inc (NASDAQ: ZM). Shares closed 0.30% higher at $264.49 a share on Tuesday.
• Sold 123,790 shares — estimated to be worth $7.76 million — in Zillow Group Inc Class C (NASDAQ: Z). Shares closed 1.16% lower at $62.80 a share.
• Bought 21,535 shares — estimated to be worth $875,613— in TuSimple Holdings Inc (NASDAQ: TSP). Shares closed 1.70% higher at $40.66 a share.

Photo: Courtesy of Robinhood